Bitcoin had a decent rally taking over the Major resistance @40-42k and staying above the 200 Day moving average for a while now. The hype around the social medias is also bubbling and for me that is a sign for an upcoming correction.
I am using the Fib. Extension tool to set a possible levels of support if the price starts a downtrend. Obviously, those Fib. levels match very well with some of the bigger support levels.
I still think that a retest of the 50-51k area is possible in the coming days, but that may trigger many conditional short orders and dump the price. On the other side, if we see a very strong push beyond 50k, a short squeeze may happen skyrocketing the price.
Following the market structure, I am looking for short entries. But I also keep in mind the craziness of crypto which tells me that everything is possible regardless of the technical analysis.
I am using the Fib. Extension tool to set a possible levels of support if the price starts a downtrend. Obviously, those Fib. levels match very well with some of the bigger support levels.
I still think that a retest of the 50-51k area is possible in the coming days, but that may trigger many conditional short orders and dump the price. On the other side, if we see a very strong push beyond 50k, a short squeeze may happen skyrocketing the price.
Following the market structure, I am looking for short entries. But I also keep in mind the craziness of crypto which tells me that everything is possible regardless of the technical analysis.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.